New England fishermen say their industry is facing ruin after regulators approved massive cuts in cod catch limits. The New England Fishery Management Council on Wednesday approved a year-to-year cut of 77 percent on the Gulf of Maine cod limit and 61 percent for Georges Bank cod. Fishermen who chase the region’s bottom-dwelling groundfish, such as cod and flounder, say the cuts are unjustified and leave them with far too few fish to catch to make a living. A federal fisheries regulator, John Bullard, acknowledged the cuts will be devastating for the industry and fishing communities. But he said fish stocks are struggling and tough action is the only way to reverse the industry’s steady decline.